How to hire an economist

How to hire an economist, step by step

Here's a step-by-step economist hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write an economist job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new economist
• Step 8: Go through the hiring process checklist

What does an economist do?

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1. Identify your hiring needs

   Before you post your economist job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find an economist for hire on a part-time basis or as a contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   You should also consider the ideal background you'd like them an economist to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire an economist that fits the bill.

   Here's a comparison of economist salaries for various roles:

   Type of Economist	Description	Hourly rate
   Economist	Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.	$35-77
   Economic Development Internship	An economic development intern is responsible for supporting an organization's market performance, analyzing trends in the industry, and strategizing techniques to improve business services. Economic development interns perform administrative duties under the supervision of tenured staff and managers... Show more	$12-25
   Economic Developer	While a development specialist works on creating plans for community development, the economic developer helps implement the development strategies set forth by specialists. They help in the distribution of survey questionnaires and the collection of data, as well as the interpretation of results... Show more	$17-33

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Economic Research
   • Research Findings
   • Economic Analysis
   • Research Projects
   • Econometrics
   • Project Management
   • Economic Data
   • Policy Issues
   • SAS
   • Data Collection
   • Statistical Analysis
   • Data Analysis
   • Stata
   • Interest Rates

   Check all skills

   Responsibilities:

   • Manage, utilize, and archive database for commodities in assign areas.
   • Lead the advanced receiver hardware prototyping and evaluate the receiver performance.
   • Formulate USDA policy positions and apprise decision makers on their implications.
   • Provide economic and financial analysis, particularly on treasury functions and natural resource taxation.
   • Ensure compliance with HIPAA and FDA.
   • Support FDA filing for azimilide.

   More economist duties

3. Make a budget

   Including a salary range in the economist job description is a good way to get more applicants. An economist salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.

   For example, the average salary for an economist in Wisconsin may be lower than in Montana, and an entry-level engineer typically earns less than a senior-level economist. Additionally, an economist with lots of experience in the field may command a higher salary as a result.

   Average economist salary

   $109,102yearly

   $52.45 hourly rate

   ---

   Entry-level economist salary

   $73,000 yearly salary

   Updated January 23, 2026

   Average economist salary by state

   Rank	State	Avg. salary	Hourly rate
   1	District of Columbia	$133,800	$64
   2	New York	$115,868	$56
   3	California	$114,236	$55
   4	Washington	$112,814	$54
   5	Massachusetts	$111,342	$54
   6	Virginia	$110,175	$53
   7	Kansas	$103,094	$50
   8	Missouri	$102,888	$49
   9	Maryland	$101,216	$49
   10	Illinois	$98,105	$47
   11	Colorado	$97,167	$47
   12	Rhode Island	$96,650	$46
   13	Connecticut	$94,661	$46
   14	Texas	$93,812	$45
   15	North Carolina	$91,272	$44
   16	Oregon	$90,534	$44
   17	Ohio	$83,742	$40
   18	Georgia	$83,684	$40
   19	Louisiana	$81,165	$39
   20	Pennsylvania	$77,822	$37

   Average economist salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Cornerstone Research	$180,549	$86.80	1
   2	Davis Polk & Wardwell	$171,810	$82.60
   3	Shell Trading	$164,414	$79.05
   4	Federal Reserve Bank Services	$163,227	$78.47
   5	Federal Reserve Bank of New York	$162,890	$78.31	2
   6	U.S. Securities and Exchange Commission	$161,907	$77.84
   7	Federal Reserve Bank of Boston	$161,042	$77.42	1
   8	Federal Reserve Bank of San Francisco	$158,029	$75.98
   9	McKinsey & Company Inc	$157,656	$75.80
   10	Federal Reserve Bank of Dallas	$156,968	$75.47
   11	Boston Consulting Group	$155,736	$74.87
   12	Federal Reserve	$151,759	$72.96
   13	Analysis Group	$147,677	$71.00
   14	Baker McKenzie	$145,097	$69.76
   15	eBay	$143,223	$68.86
   16	Google	$142,086	$68.31	12
   17	Littler Mendelson	$140,890	$67.74
   18	DLA Piper	$140,542	$67.57
   19	LECG Corp	$140,462	$67.53
   20	Genentech	$139,030	$66.84

4. Writing an economist job description

   An economist job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of an economist job description:

   Economist job description example

   This role is with the market monitoring group in ISO New England. Market monitoring is responsible for protecting both consumers and market participants by identifying and reporting market design issues, market manipulation, and evaluating market performance. In fulfilling this role, we rely on a multidisciplinary team with expertise in economics, financial analysis, engineering, data science and law. How You Will Make an Impact This role in the market monitoring group will involve evaluating, explaining, and improving the performance of ISO New England's $10 billion suite of auction-based electricity markets and conducting investigations into potential price manipulation or exercise of market power in those markets. Your responsibilities will include:
   
   Identify market inefficiencies, problems, and their consequences through economically-sound qualitative assessments and in-depth quantitative analyses;
   
   Collaborate with multi-disciplinary teams to develop comprehensive analysis and recommend solutions to challenging market issues;
   
   Design and execute empirical assessments of existing market issues and the impacts of potential market design changes by leveraging data analytics and visualization, and simulation techniques;
   
   Develop and articulate recommendations having substantial real-world impacts on New England's electricity sector.
   
   Serve as author or co-author for white papers, reports, and FERC Expert Witness Testimony on analysis of market performance and proposed market design changes;
   
   Interpret and explain recommendations to Senior Management, ISO Board members, and key external constituencies as well as represent market monitoring as a subject matter expert at NEPOOL stakeholder meetings.
   What We Are Looking For Ph.D. in Economics with academic training in micro-economic related areas such as industrial organization, auction theory, mechanism design, energy or environmental economics, regulatory economics, or information economics. Ability to produce economically-sound and insightful assessments of market performance and market design issues. Strong quantitative skills with experience in conducting in-depth empirical analyses with complex datasets in statistical software (e.g. SAS, R, STATA) or performing optimization studies (e.g. Matlab, GAMS). Excellent written and oral communication skills, including the ability to successfully communicate in plain language complex findings and ideas at an executive, board member, or regulator level. Demonstrated ability to work effectively and collaboratively in a team environment. Candidates are not required to have knowledge of how competitive electricity markets work or to have previously conducted research in energy economics - though any such background is a plus. Clarity of purpose is the starting point for all success. The ISO's mission, vision, and values define our purpose-these values serve as the cultural cornerstones of theorganization. Mission: Through collaboration and innovation, ISO New England plans the transmission system, administers the region's wholesale markets, and operates the power system to ensure reliable and competitively priced wholesale electricity. Vision: To harness the power of competition and advanced technologies to reliably plan and operate the grid as the region transitions to clean energy. Values: Expertise, Respect, Innovation, Dependability and Collaboration What We Offer: Located in Holyoke, MA amid the picturesque Pioneer Valley of Western Massachusetts, our employees get the best of both rural and urban living, enjoying day-to-day local community culture and conveniences with drivable access to big city amenities. Our competitive base salaries, performance-driven bonus incentive offering, as well as a variety of health, wellness, and professional development benefits underscore the value we place in our employees. Beyond our comprehensive medical, dental, and vision plans, we encourage continuous learning through our training and tuition reimbursement programs and support work-life balance with flex hours, hybrid work models for most roles, and paid vacation and holidays. Our benefits strive to fulfill the needs of our employees across life's stages, with paid parental time off, health and wellness programs, 401k with company match, and a retirement plan. For the convenience of our employees, we offer complimentary access to our onsite fitness center and a cafeteria with free coffee. COVID-19 Policy: Employee safety and well-being is a priority at ISO New England. To safeguard our teams and the important work they do, ISO New England has a mandatory COVID-19 vaccination policy. Equal Opportunity : We are proud to be an EEO/AA employer. Applicants for employment are considered without regard to race, creed, color, citizenship, religion, sex, sexual orientation, marital status, national origin, age, disability, status as a veteran, Vietnam Era Veteran, or being a member of the Reserves or National Guard. Drug Free Environment : We maintain a drug-free workplace and perform pre-employment substance abuse testing. Social Networking Notice : ISO New England reserves the right to review the candidate's postings on any social networking site accessible in the public domain as part of the candidate assessment process. Other details Pay Type Salary

   Copy this example

   

5. Post your job

   There are a few common ways to find economists for your business:

   • Promoting internally or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to meet candidates with the right educational background.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to recruit passive job-seekers.

   Post your job online:

   • Post your economist job on Zippia to find and recruit economist candidates who meet your exact specifications.
   • Use field-specific websites.
   • Post a job on free websites.

6. Interview candidates

   Your first interview with economist candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.

   It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new economist

   Once you've decided on a perfect economist candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   Once that's done, you can draft an onboarding schedule for the new economist. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire an economist?